[159 Pages Report] Flow Meters Market was valued at USD 6.40 Billion in 2016, and is projected to reach USD 9.30 Billion by 2022, at a CAGR of 6.42% from 2017 to 2022. The base year considered for the study is 2016, and the forecast period is from 2017 to 2022.

The objectives of the report are as follows:

To estimate and forecast the size of the flow meters market, in terms of value

To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market

To define, describe, and forecast the flow meters market size by type, end-use industry,, and region

To forecast the size of the market with respect to five main regions (along with key country-level data), namely, Middle East & Africa, North America, South America, Europe, and Asia Pacific

To strategically analyze micromarkets with respect to individual growth trends, growth prospects, and their contribution to the overall market

To analyze opportunities in the market for stakeholders and provide a competitive landscape for the market leaders

To track and analyze competitive developments such as new product launches, mergers & acquisitions, expansions, and investments in the flow meters market

To strategically profile the key market players and comprehensively analyze their core competencies

Both, top-down and bottom-up approaches were utilized to estimate and project the size of the flow meters market. The size of the flow meters market was calculated, and weightages were assigned to various market segments. This was performed on the basis of extensive primary interviews and secondary research based on the information available on websites of various associations, such as the Hoffer Flow Control, Acadiana Flow Measurement Society, and Fluid Components International. Primary research included extensive interviews with key personnel such as CEOs, VPs, directors, and executives. After arriving at the overall market size, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary respondents is depicted in the figure below.

The flow meters market is projected to grow from USD 6.81 Billion in 2017 to USD 9.30 Billion by 2022, at a CAGR of 6.42% from 2017 to 2022. The growth of this market can be attributed to the increasing demand from oil & gas and water & waste water industries.

The flow meters market has been segmented on the basis of type, end-use industry, and region. On the basis of type, the flow meters market has been segmented into differential pressure, magnetic, coriolis, positive displacement, turbine, vortex, ultrasonic, and others (thermal and multiphase flow meters). The ultrasonic flow meter is the fastest-growing segment of the flow meters market on account of their low maintenance and reliability. Ultrasonic flow meters are accurate and can be used for custody transfer of petroleum and natural gas.

On the basis of end-use industry, the flow meters market is segmented into water & waste water, oil & gas, chemicals, power generation, pulp & paper, and food & beverages. The oil & gas segment is projected to grow at the highest CAGR between 2017 and 2022. This is because the oil and gas industry is booming in the emerging economies which in turn drives the growth of flow meters. Flow meters are largely used flow measurement of crude oil, custody transfer among others that offers tremendous growth opportunities.

Based on region, the flow meters market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is the largest market for flow meters and is expected to continue to lead the market by 2022. It is also the fastest-growing market between 2017 and 2022. Emerging economies such as China and India are making investments in the water & wastewater, energy and power, refining, chemicals, and industrial infrastructure activities, which have contributed significantly to the growth of the flow meter market in Asia Pacific. Most of the key players operating in the flow meter market have their production capacity in this region since the production cost in this region is lower compared to other regions.

The increased focus on modernizing the processes and operations in industries increased the demand for flow meters. However, these flow meters are not compatible with modern machines and need to be replaced by the new ones which are smarter and intelligent. Hence, cost of replacing the traditional flow meters is high and is a major factor restraining the growth of the flow meters market.

New product launches and expansions were considered the major development strategies adopted by key players operating in the flow meters market between 2013 and August 2017. Companies such as Honeywell (US), Siemens (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), and Yokogawa Electric (Japan) adopted these development strategies to enhance their product offerings and customer base as well as gain a competitive edge over their peers in the market. These companies are also focused on investing in research & development activities to introduce new and cost-effective materials to keep up with the changing consumer needs.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst